2 weeks trial of capping total post rewards to $500 per blog post
@ned -- Good analysis. A few of us recently also looked into capping curation rewards however found it has weaknesses that allow whales to game the rewards. We haven't recently looked as deep into capping the total blog post rewards. If a large group of steemers see a net benefit but it also seems to be a divisive issue, then it could be proposed to move to the new system for only a short period of time (e.g. 2 weeks) as a trial period.
@abit -- The chain supports per-post-cap already, but that option is not shown in current UI so far.
@craig-grant -- 2 weeks trial of capping total post rewards is well worth a try. Whales would have to spread their rewards out over a greater number of posts. Perhaps implement the cap as being effective after a blogger has already received rewards over $500 for 2 posts, this way every blogger has a chance to score big at least 2 times.
see full discussion @ https://steemit.com/steemit/@dana-edwards/why-a-steem-power-reward-cap-would-be-as-controversial-as-the-block-size-cap-in-bitcoin
Why should whales spread out rewards when you yourself do not? Is that not a double standard? You would never make more than $0.16 since you believe solely in upvoting 95% of your work.
Correct me if I am wrong, but according to you a whale should only vote up their own content so they can get richer.
Capping blog posts will cause people to not strive to be innovative. Some people will instantly hit the $500 almost immediately. Nobody else would need to bother voting on them.
If posts are capped, there will be a lot less people pouring their hearts into posts. 500 is a lot, but it is not unreasonable to make 50 an hour in a skilled position. Blogging may take up more than a night and now someone is not incentivized as much as if their account Is limited. I hope this does not occur
The amount of self confidence it takes to do what I do is way more than any whale, so only 0.01% of all the bloggers on steemit are able to do what I do. Being self aware puts me in a world of my own, where I am the only person that is real and everyone else is just light and information. For instance, a "whale" on steemit is a person who has access to cash out over $10,000 per week, but even with access to this amount of money that "whale" spends time caring about what's happening on steemit and engaging in activities to earn even more money, that's a slave mentality.
What!!? I can make videos of my stream of consciousness as well. You are being incredibly arrogant. You feel you are "better" than others?
I've heard from more than 5 people that they do not care for much of what you have to say. To me it sounds like something someone who has recurring acid flashbacks would say. You are not living in reality. You have some extremely radical ideas @craig-grant
You are a slave to the camera are you not? If you don't make your videos you won't make money. You may enjoy doing it, but it is still work.
If you don't spend time caring about other people than yourself, many many people will pass your status on steemit., but I guess I wonder what the reason is that you are on steemit. To make multiple $2 posts and sell magic necklaces in sets of 13?
The last I checked, slaves were not paid for their work in general. Only a small amount if anything. If the "whales" are considered to be "slaves" then sign me up.
"I am the only person that is real and everyone else is just light and information".. this statement is the most TRUE way to describe my experience, anything else would be based on what I believe. Believe = false and know = true.. so you know(true) you are seeing words on a computer screen right now, and you believe(false) that the words were put there by craig-grant.
from my perspective, I know(true) I'm a real person
from your perspective, you believe(false) I'm a real person
everyone else is light and information = true(know)
everyone else are real people just like me = false(believe)
The only type of person that scares me the most is someone that agrees with my way of being, but also accepts that others exist and the world is something to care about. I know of a such a person on steemit right now, this person has been following me for years, he followed me into cryptocurrency buying/trading bitcoin and ether, and then joined steemit about 3 weeks ago. He lives in the UK and does not work because he is financially set for life. His name was Peter, but then had his name legally changed to One Sun Being Now. I think you would enjoy reading some of his posts like this one @ https://steemit.com/life/@onesunbeingnow/the-start-and-end-of-all-things ... and yes.. he might just be ME :)
So maybe you are schizophrenic? I think you should get some help @craig-grant. You're on a cult-like "God" David Koresh path.
I think we can agree to disagree on almost everything, but you do entertain without doubt and are very passionate about your beliefs.
If that is what makes you and Peter / One Sun Being happy, all the more power to you.
Wish you best of luck, but I will not be following your work closely as I once did.
Depending on the topic, a blog post can take me anywhere from 20 minutes to days to weeks. It's not as straight forward as people make it when estimating based on "time" and "effort" and you're right, the topics I post on actually are the sort of topics in industries where people get paid $50 or even $100 an hour.
Here is the point, some blog posts require a lot of research to put together, which can include reading books, academic papers, interviewing developers, and having the background to understand the topics. So are we moving away from the subjective theory of value and onto the labor theory of value?
What about people who post travel blogs which don't take a lot of academic research but because of subjective value get a high rating? So how exactly can we say for sure how much a blog post is worth objective? It's not possible, we can't, and we can't really go by salary or other standards.
A blog post is worth whatever it's deemed worth at the time by it's upvotes. The whole point of the upvotes and Steemit is to decide what they are worth because if we could decide without this process why do we need Steemit? Why not just hire bloggers on a salary?
A proposal for incentivized self-capping: https://steemit.com/steemit/@alexgr/thoughts-about-capping-rewards-in-an-incentivized-way
You choose what your max reward will be. The lower you go with your max reward setting, the bigger the multiplier of your earnings is.
Possible problems: Complex to explain.
I haven't thought of any game-theory issues that might lead to gaming.
Sounds good to me, it will be more fair.
Interesting idea. As a minow it sounds enticing. Though I doubt I will ever earn $500 on a post even under the proposed conditions. I am starting to get excited over .23 cents.
HOWEVER, in principle it doesn't feel right. If I were a whale, would I want some central power capping my influence? Maybe if I am truly invested in the community. That's probably a fairly rare whale, with the clear exception of @dantheman and @ned.
It's about time Steemit spread the wealth amongst its members not just the elite
Sounds like cryptocommunism to me.
I think this appeals more to those who have never made a post above $500. Content is king. If people like it, it should be voted on. What will the trending page be like when there are 300 posts all making $500. Curation rewards would be pretty worthless not for the average user, but whales as well.
Yeah but it's democratic cryptocommunism. That makes it better, and there's no murder or starving.
Democratic communism; hmm, no where have I heard that before...
Cg
Great! Let's 'split up the big whales' and redistribute their wealth hahah
Exactly. It is not crypto-communism. I'm don't 100% believe in caps but it is worth testing out the hypothesis to see if it works. If it doesn't then fine.
Hey, I'll eat whale. LOL
sorry, the Asian in me got really excited. :oD
ROFL @bendjmiller - only half an Asian. The other half is Heinz 57. That goes well with whale, right?
You have eaten an Asian whole and they are inside you hungry for whale meat? 😉
Wow. That is interesting move for steemit.
Yes..Meritocracy instead of theocracy should be adopted as the raison d'etre to improve the quality and ensure the longevity of Steemit.
Thank you for sharing this material, I like what you posted.
Developers are trying to bring what can be interpreted as AUSTERITY
I don't like this idea at all. It's a trial which they say is only two weeks but which they could expand to maintain indefinitely. How do we know they'll remove it after 2 weeks?
No AUSTERITY for Steemit
Just because the price of Steem has gone down due to whales powering down, why are we capping bloggers so much? I mean think, bloggers are capped at 30 days, at post frequency, and now this? Bloggers don't get paid a salary, so why are they trying to put a salary cap?
Sorry but the idea is terrible, it will be interpreted as politically backwards, but if they want to try it they are free to try it. Let's see what happens if they put that kind of cap.